Eurodollar has corrected back from Friday’s highs, but there is a possibility that the pull-back is now complete and the up-trend will resume. I would expect an immediate move to reach 1.3275 and then stop due to the conjunction of a long-term trend-line and a resistance high at that level which should cap gains. On the other hand this could be the start of a deeper correction, an Elliot wave 4 perhaps, which could come down to the monthly pivot at 1.2957 first, and then maybe 1.2750 before resuming the up-trend as wave 5.
Written by Forex4you